Steve Kolhagen, the head of Wachovia Securities' derivatives and high-grade bond businesses, has decided to retire after 20 years on the Street to write mystery novels with his wife. Kolhagen says that he was simply ready to "pursue something that I've had an interest in for about 10 years now," noting that although his wife has written two books, he will be learning as he goes. He says the retirement will take effect July 31, and that he will be a consultant to the firm for the balance of the year. Kolhagen says the firm is currently undertaking a search for a suitable candidate who would be based in Charlotte.
Kolhagen started his career on Wall Street with Lehman Brothers in 1982 and made stops at Bankers Trust and AIG before coming to First Union in 1992, prior to its takeover by Wachovia in 2000. He began his career in academia as a professor of international finance and economics at UC-Berkeley, where he developed a well-known options pricing model.